BluetonaFX - GBPUSD AUDUSD EURUSD Multi-Chart Analysis
Hi Traders!
Ahead of tomorrow's Federal Reserve's interest rate announcement and FOMC minutes meeting announcement, we have a price action multi-chart analysis of GBPUSD, AUDUSD, and EURUSD on the 1D chart.
All three products in this analysis are currently on a retracement wave and could have key support breaks depending on tomorrow's outcome.
GBPUSD
GBPUSD is currently trading at the support point of the long-term ascending price channel. GBPUSD has been on an uptrend for 8 weeks straight, so a break to the downside outside the price channel could possibly cause a trend reversal from bullish to bearish.
AUDUSD
AUDUSD is currently in a long-term triangle pattern. There was a recent double top pattern at 0.68999, and it has bounced off the support level at 0.67210. From here, the market will either retest the resistance at 0.68999 or there will be another support test at 0.67210 for a possible break. If there is a momentum break and a close below 0.67210, we have a possible break below the triangle trendline, and then the market is likely to go back into the previous range zone, which we have marked on the chart.
EURUSD
EURUSD is approaching the support level at 1.10120, which is the top of the previous range zone. A break below this will lead to another test of the psychological 1.10000 level, and at the bottom of the previous range zone is the long-term support at 1.08336.
Please do not forget to like, comment, and follow, as your support greatly helps.
Thank you for your support!
BluetonaFX
Ahead of tomorrow's Federal Reserve's interest rate announcement and FOMC minutes meeting announcement, we have a price action multi-chart analysis of GBPUSD, AUDUSD, and EURUSD on the 1D chart.
All three products in this analysis are currently on a retracement wave and could have key support breaks depending on tomorrow's outcome.
GBPUSD
GBPUSD is currently trading at the support point of the long-term ascending price channel. GBPUSD has been on an uptrend for 8 weeks straight, so a break to the downside outside the price channel could possibly cause a trend reversal from bullish to bearish.
AUDUSD
AUDUSD is currently in a long-term triangle pattern. There was a recent double top pattern at 0.68999, and it has bounced off the support level at 0.67210. From here, the market will either retest the resistance at 0.68999 or there will be another support test at 0.67210 for a possible break. If there is a momentum break and a close below 0.67210, we have a possible break below the triangle trendline, and then the market is likely to go back into the previous range zone, which we have marked on the chart.
EURUSD
EURUSD is approaching the support level at 1.10120, which is the top of the previous range zone. A break below this will lead to another test of the psychological 1.10000 level, and at the bottom of the previous range zone is the long-term support at 1.08336.
Please do not forget to like, comment, and follow, as your support greatly helps.
Thank you for your support!
BluetonaFX
